Indian biomass project attracts IFC support
The World Bank’s investment arm, International Finance Corp. (IFC) has announced it will nearly double its investment in an Indian 18MW biomass alternative energy project being developed by Auro Mira Bio Systems Kanyakumari Pvt Ltd, part of the AME group.
The IFC's initial investment was $6.25 million, and the group has now committed to adding another $10 million. AME’s leading shareholder is Baring Private Equity Partners India Ltd, which owns a majority stake.
AME has two other operating biomass projects of smaller size. The investment marks the ongoing engagement of IFC in the alternative energy space in India, with nearly $100 million invested to date.
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